Chardan NexTech Acquisition 2 Corp. Shareholders Approve Previously Announced Business Combination with Dragonfly Energy, Corp.
October 06 2022 - 4:05PM
Chardan NexTech Acquisition 2 Corp. (“CNTQ”) (Nasdaq: CNTQ), a
publicly traded special purpose acquisition company, today
announced that its shareholders voted to approve the previously
announced business combination with Dragonfly Energy, Corp.
(“Dragonfly”) at CNTQ’s special meeting of shareholders held today,
October 6, 2022 (the “Special Meeting”).
Over 99.9% of the votes cast at the Special
Meeting were cast in favor of the approval of the business
combination. CNTQ shareholders also voted to approve all other
proposals presented at the Special Meeting. CNTQ plans to file the
results of the Special Meeting, as tabulated by the inspector of
election, with the Securities and Exchange Commission (the “SEC”)
on a Form 8-K.
About DragonflyDragonfly Energy
Corp., headquartered in Reno, Nevada, is a leading supplier of deep
cycle lithium-ion batteries. Dragonfly’s research and development
initiatives are revolutionizing the energy storage industry through
innovative technologies and manufacturing processes. Today,
Dragonfly’s non-toxic deep cycle lithium-ion batteries are
displacing lead-acid batteries across a wide range of end-markets,
including RVs, marine vessels, off-grid installations, and other
storage applications. Dragonfly is also focused on delivering an
energy storage solution to enable a more sustainable and reliable
smart grid through the future deployment of the Company’s
proprietary and patented solid-state cell technology. To learn
more, visit www.dragonflyenergy.com/investors.
About Chardan NexTech Acquisition 2
Corp. Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ)
is a blank check company led by its Chairman of the Board of
Directors, Kerry Propper, its Chief Executive Officer and Director,
Jonas Grossman, and its Chief Financial Officer and Director, Alex
Weil. The company was formed for the purpose of effecting a merger,
share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or similar business combination
with one or more businesses. The Company has focused its search for
a target business operating in disruptive technologies. To learn
more, visit https://www.cnaq.com/.
Forward-Looking StatementsThis
press release contains certain “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended, including certain financial
forecasts and projections. All statements other than statements of
historical fact contained in this press release, including
statements as to the transactions contemplated by the business
combination and related agreements, future results of operations
and financial position, revenue and other metrics, planned products
and services, business strategy and plans, objectives of management
for future operations of Dragonfly, market size and growth
opportunities, competitive position and technological and market
trends, are forward-looking statements. Some of these
forward-looking statements can be identified by the use of
forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions. All forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the control of Dragonfly or CNTQ) which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by CNTQ and its management, and Dragonfly and
its management, as the case may be, are inherently uncertain and
many factors may cause the actual results to differ materially from
current expectations which include, but are not limited to: 1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the definitive merger agreement
with respect to the business combination; 2) the outcome of any
legal proceedings that may be instituted against Dragonfly, CNTQ,
the combined company or others following the announcement of the
business combination and the transactions contemplated thereby; 3)
the inability to complete the business combination due to the
failure to obtain approval of the stockholders of CNTQ, or to
satisfy other conditions to closing the business combination; 4)
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; 5) the ability to meet Nasdaq's listing
standards following the consummation of the business combination;
6) the risk that the business combination disrupts current plans
and operations of Dragonfly as a result of the announcement and
consummation of the business combination; 7) the inability to
recognize the anticipated benefits of the business combination; 8)
ability of Dragonfly to successfully increase market penetration
into its target markets; 9) the addressable markets that Dragonfly
intends to target do not grow as expected; 10) the loss of any key
executives; 11) the loss of any relationships with key suppliers
including suppliers in China; 12) the loss of any relationships
with key customers; 13) the inability to protect Dragonfly’s
patents and other intellectual property; 14) the failure to
successfully optimize solid state cells or to produce commercially
viable solid state cells in a timely manner or at all, or to scale
to mass production; 15) costs related to the business combination;
16) changes in applicable laws or regulations; 17) the possibility
that Dragonfly or the combined company may be adversely affected by
other economic, business and/or competitive factors; 18)
Dragonfly’s estimates of its growth and projected financial results
for 2022 and 2023 and meeting or satisfying the underlying
assumptions with respect thereto; 19) the risk that the business
combination may not be completed in a timely manner or at all,
which may adversely affect the price of CNTQ’s securities; 20) the
risk that the transaction may not be completed by CNTQ’s business
combination deadline (as may be extended pursuant to CNTQ’s
governing documents); 21) the impact of the novel coronavirus
disease pandemic, including any mutations or variants thereof and
the Russian/Ukrainian conflict, and any resulting effect on
business and financial conditions; 22) inability to complete the
PIPE investment, the term loan and equity line (ChEF) in connection
with the business combination; 23) the potential for events or
circumstances that result in Dragonfly’s failure to timely achieve
the anticipated benefits of Dragonfly’s customer arrangements with
Thor; and 24) other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in CNTQ’s Form S-1 (File Nos.
333-252449 and 333-253016), Annual Report on Form 10-K for the year
ended December 31, 2021, Quarterly Report on Form 10-Q for the
three months ended June 30, 2022 and registration statement on Form
S-4 (File No. 333-266273) filed with the SEC on July 22, 2022, and
declared effective on September 16, 2022. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Nothing in this press
release should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither CNTQ nor Dragonfly gives any assurance that
either CNTQ or Dragonfly or the combined company will achieve its
expected results. Neither CNTQ nor Dragonfly undertakes any duty to
update these forward-looking statements, except as otherwise
required by law.
Dragonfly Contacts:
Investor Relations Sioban
Hickie, ICR, Inc.DragonflyIR@icrinc.com
Media Zach Gorin, ICR,
Inc.DragonflyPR@icrinc.com
Dragonfly Energy (NASDAQ:DFLI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dragonfly Energy (NASDAQ:DFLI)
Historical Stock Chart
From Sep 2023 to Sep 2024